FOR WORLD TRADE

Otago Witness, Issue 3400, 14 May 1919, Page 29

FOR WORLD TRADE

UNITED STATES BID. Mr Frank A. Vanderlip, president, and Mr Benedict, vice-president, of tho National City Bank of New York, are visiting Europe in connection with a great worldtrade scherno in American interests. The National City Bank (says tho Daily Mail) has for some years past been a pioneer American financial house- in the exploitation of foreign trade opportunities. To facilitate its operations Mr Vanderlip's bank founded the |" International Banking Corporation" for specialisation in Far Eastern business, and the " American International Corporation,'* which is activo in other parts of the world. Mr Vanderlip's newest enterprise contemplates tho setting up of a National City Bank A gene v in practically every important town and city in the world. The frankly aims at assisting American mer» chants and manufacturers to capture new business at all points of the globe. In the first instnec. tho, " service" which it is proposed to organise is to be an information and " first aid" system, for the special benefit of American merchants and manufacturers to whom foreign trade is more or less of a novelty. At present the City Bank has 39 branches abroad. These are to be increased as rapidly as possible to 100. object is " personally to conduct" American traders anxious to pick profitable, foreign .trade plums. Facilities will be provided to acquaint American business men at first hand and in exhaustive detail with tho .special features and requirements ol foreign markets.

The bank's eventual purpose, after helping j the American exporter to explore the new ' market, is to assist him in exploiting it. ■ This idea would eventual]? involve the extension of banking credit to the foreign buyer who desires to import American goods. Mr Vanderlip told the New York business j men to whom he unfolded his scheme that with the vast international trade balance , now in America's favour—which ho estimated at £2,6oo,ooo,ooo—United States foreign I trade must in future mean trade not only in goods and raw material, but also extensive trade in capital. | Mr Vanderlip is a former Assistant Secretary of the United States Treasury, and t was in his early days a financial journalist. ; In contradistinction to the National City j Bank's scheme for a more or less purely. I American exploitation of world trade opportunities a strong New York-London group is in process of organisation for Anglo-Ameri-can financial and commercial co-operation.